Higher growth rate is best response to poverty, says Jaitley

New Delhi, Aug. 29 : Union Minister of Finance Arun Jaitley said here today that that globalisation is a reality and higher growth rate is best response to face problems of poverty.

Jaitley was speaking at the release function here today of the book “Globalisation, Democratization and Distributive Justice” authored by Prof (Dr.) Mool Chand Sharma, Professor of Law at Delhi University and presently a Member of Law Commission of India

The Union Minister said history many times changes its course because of unusual forces, adding that developments beginning from 1990s do testify this course change taking place all over including India.

He said these forces, which author says could be loosely described as forces of globalisation, which are re-shaping the world of today include: the shifting of economic centres of gravity from Europe and America to Asia, accelerated impact of technological revolution, dynamics of changing demographics and the breathtaking interconnectivity between trade movement of capital, people and information.

Jaitley said that introducing reforms especially the ones needed for enhancing growth which is so crucial, especially for generating jobs and creating infrastructure including rural is the need of the time, adding that any lack in introducing reforms may prove fatal.

He said the work emphasises that it is not only reform and growth but the need is to ensure that growth is even, balanced and inclusive, adding that rising inequalities could prove fatal not only for the poor but for the “growth” itself.

Speaking on the occasion, Justice Rohinton Nariman of the Supreme Court of India, praised the author and said the work of the author highlights as to how pressing is the need of taking idea of Distributive Justice beyond rhetoric and ensuring that rising aspirations do not get transformed into frustration ultimately leading to cynicism against the system itself.

The book acknowledges that apart from measures like Employment Guarantee Act, Right to Education Act and Food Security Act some of the recent steps taken on economic and fiscal side like introduction of Goods and Services Tax, schemes related to financial inclusion etc along with initiatives like: ‘Make in India’, ‘Digital India’, ‘Skill India’ and ‘Swachh Bharat Abhiyan’ can prove a catalyst in this regard. (ANI)